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AltCoinTrader

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AltCoinTrader
Type of site
Bitcoin and Cryptocurrency exchange
Founded2015
HeadquartersJohannesburg
Productscryptocurrency exchange, cryptocurrency wallet service and cryptocurrency API.
WebsiteOfficial website
Users500,000

AltCoinTrader is a cryptocurrency company based in South Africa. The head office is in the country's economic capital, Johannesburg.

AltCoinTrader allows users to purchase a number of cryptocurrencies directly using South African Rands, including Bitcoin, Ethereum, Monero, and a host of others. It is widely believed that the company were the first cryptocurrency exchange in South Africa to offer trading and purchasing of alternative cryptocurrencies (beyond Bitcoin) directly with South African Rands.

History[edit]

AltCoinTrader was developed in 2014.[1] by a team of experienced computer programmers at South African internet company Netspace, led by now CEO Richard de Sousa[2]. De Sousa cited his poor user experience on Bitcoin exchange Mt. Gox as part of the reason he and his team pursued the development of their own cryptocurrency exchange.[3]

The platform was launched to the public in 2015[4], originally offering Bitcoin, Litecoin, and Namecoin. Initially the site was generally well accepted amongst cryptocurrency enthusiasts in the country, but struggled to gain extensive traction, with the platform's ability to buy Bitcoin with South African Rand being its most attractive feature.

In 2015, the platform added Ether, the digital token associated with Ethereum, and later added ZCash and Dashcoin. It currently offers trading from South African Rand to the following cryptocurrencies: Bitcoin, Ether, ZCash, Monero, Bitcoin Cash, Bitcoin SV, Bitcoin Gold, Bitcoin Private, Namecoin, Dashcoin, Stellar Lumens, Dogecoin, Tron[5], Litecoin, US Dollar Tether[6], Cardano, Neo, NeoGas, Ripple, and BitTorrent Token.

In late 2017, AltCoinTrader became the second highest cryptocurrency exchange by volume[7] on the African Continent thanks mostly to the mainstream media attention cryptocurrencies were attracting due to their steep price increases[8].

The company made a surprising announcement in July 2019 that they would offer trading of gold and silver on their platform, through the use of commodity retail partners in South Africa[9]

Security Breach[edit]

In April 2019, AltCoinTrader were the subject of a security breach that saw their system go down to public use for over 24 hours. The attack was traced to malicious hackers based in Egypt. AltCoinTrader stated publicly that no user funds were lost, and all vulnerabilities identified in the hack were subsequently secured.[10]

It was revealed in the hack that AltCoinTrader practice stringent hot wallet practices, whereby cryptoassets are not held directly on the exchange in large quantities and thereby disincentivizing attackers. AltCoinTrader also practice stringent “two-man rule” protocols, to ensure the platform and its assets cannot be accessed in the event of a kidnapping or hostage situation.

References[edit]

  1. "simple CO.ZA whois server". co.za. Retrieved 2019-07-18.
  2. Rads ACT (2015-03-24), AltCoinTrader.co.za Launch, retrieved 2019-07-18
  3. "AltCoinTrader Hacked: Follow Up Interview With CEO Richard de Sousa - YouTube". www.youtube.com. Retrieved 2019-07-18.
  4. Partner. "Choosing credible cryptocurrency exchanges – How to keep your money safe". Retrieved 2019-07-18.
  5. "AltCoinTrader becomes first African exchange to airdrop free forked coins | IOL Business Report". www.iol.co.za. Retrieved 2019-07-18.
  6. "AltCoinTrader adds dollar-linked option to drive down SA bitcoin premium". BusinessLIVE. Retrieved 2019-07-18.
  7. "Altcoin Trader Trade Volume and Market Listings". CoinMarketCap. Retrieved 2019-07-18.
  8. Partner. "Cryptocurrencies – The new money". Retrieved 2019-07-18.
  9. horacio (2019-07-18). "Established Cryptocurrency Exchange Launches Real Gold and Silver Trading". FintechNews. Retrieved 2019-07-18.
  10. Preston, James (2019-04-12). "BREAKING: AltcoinTrader Wards Off Hackers". SA Crypto. Retrieved 2019-07-18.

External links[edit]

Category:Cryptocurrencies Category:Bitcoin exchanges Category:Bitcoin companies


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